Each year, around 250,000 to 500,000 people deal with spine injuries, according to World Health Organization’s estimates. The growing incidences of violence and road and industrial accidents are increasing the prevalence of spinal injuries across the globe. This in turn is creating a need for spinal trauma devices for effective treatment. Spinal trauma devices help regain the body sensation after a spinal injury. Spinal devices are useful for re-gaining mobility and feeling. Thus, they are highly in demand. Some of the other factors boosting the growth of the spinal trauma devices market are: growing geriatric population, quick FDA approvals, product innovations, and pipeline methodologies. All these factors are expected to drive the global spinal trauma market to rise from US$2.8 bn in 2014 to US$4.7 bn by 2023, expanding at a 5.6% CAGR between 2015 and 2023, as per a research report published by Transparency Market Research (TMR).

Q. Which trends are currently impacting the global spinal trauma devices market?

Patients today have become much informed about the recent technological advancements in the medical sector. Thus, there has been a rise in the popularity of minimally invasive surgeries and procedures, which is a trend that is expected to make a positive impact on the global spinal trauma devices market. As spinal trauma devices is minimally invasive and also ensures quick recovery, the market is projected to grow worldwide. Moreover, the growing geriatric population base is becoming prone to fractures and this section of population is making the most contribution in generating the revenue for spinal trauma devices market. The growing prevalence of osteoporosis is also fueling the growth of the market.

Q. What are the factors restraining the growth of the market?

One of the restraining factors hampering the growth of the market is the absence of health insurance and reimbursement policies. A large section of the population in developing nations such as China and India lack the access to proper healthcare infrastructure and primary healthcare facilities. This is restricting the growth of the global spinal trauma devices market. Another factor posing a threat to the global spinal trauma devices market is the growing investments in research and development, which could result in effective therapeutics and drugs for the treatment of spine and related problems.

Q. Which region is anticipated to hold lucrative opportunities in the global spinal trauma devices market?

North America led the market in 2014, accounting for 47% of the market, with Canada and the U.S. leading in terms of contribution to the revenues. The high rate of road accidents, use of latest technologies in the medical sector and the growing geriatric population are some of the factors propelling the demand for spinal trauma devices in North America. However, the Asia Pacific market is anticipated to expand at a higher rate, exhibiting a CAGR of 7.1% as opposed to North America’s 5.1% CAGR between 2015 and 2023. Growth in geriatric population base, increase in healthcare expenditure, and favorable government policies are all set to push Asia Pacific spinal trauma devices market to the fore in the coming years.